KWSG targets N2b micro-credit loan from CBN

Date: 2014-08-28

The Kwara State Government is sets to access N2 billion from the Central Bank of Nigeria (CBN) N220billion micro-credit funds to fund small and medium-scale enterprises (SMEs), according to Senior Special Assistant to Governor Abdulfatah Ahmed on SMEs, Lukman Adams.

 Speaking on Wednesday in Ilorin, at a public/private dialogue organsied by Kwara Coalition of Business and Professional Associations (KWACOBPA), Adams said the state governor had signed a Memorandum of Understanding with the CBN on the scheme, saying that the credit facility would aid growth of the SMEs sector and boost state’s economy.

He said that the loan guaranteed by Irrevocable Special Payment Order (ISPO) would be managed by a special purpose vehicle (SPV) to be established by the state government to guard against mismanagement.   

On the importance of the private sector, he said the feature of Nigeria is in the hand of the sector stressing that no economy can grow without the sector being at the forefront.

He said that "when there is a preponderance of the private sector in any economy there can't be chaos but when it is preponderance of the public sector there will be chaos.”

Adams who commended the KWACOBPA on the steps it is taking on demand for earmarking, by law, one per cent of the state budget as micro-credit fund for the SMEs assured that the government would not be indifferent to the demand.   

Earlier, chairman of the KWACOBPA, Hezekiah Adediji said the association is presenting to the state House Assembly a bill on the earmarking of one per cent of the budget for the SMEs to ensure that the scheme as a legislative backing that will make a permanent feature of the state administration regardless of the party in power.

Chief Adediji added that the scheme would increase business activities which will in turn translate into more employment, reduction of crime rate and increased revenue for development of the state.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Baba Idris     Kwara State Printing And Publishing Corporation     Adam Abdullahi Al-Ilory     Mohammed Ghali Alaaya     Oniyangi Kunle Sulaiman     Village Alive Development Association     Kale Belgore     Ekweremadu     Raymond Olaitan     Kola Bukoye     Bolaji Nagode     Olusola Saraki     Islamiya Abdulraheem     Garba Ado Sanni     Akume     Oniwa     Kwara State Fire Service     Apaokagi     Haleeman Salman     Ilorin Talaka Parapo (ITP)     Ayobami Seriki     Olugbense     Ahmad Ali     Minimum Wage     Rapheal Ashaolu     Air Peace     Moronfoye     Abdulrosheed Okiki     Elections     Pakata Development Association     Kamaldeen Gambari     Just Event Online     KWSIEC     IF-K     Yahaya Abdulkareem Babaita     Hassanat Bello     Saidu Kawu     Kumbi Titilope     Ahman Patigi     Revenue Court     Ilorin Likeminds Foundation     State Bureau Of Internal Revenue     Admiralty Villa     Valsolar Consortium     Adamu Atta     Akeem Olatunji     Kwara State Football Association     AGILE Programme     Ilorin Innovation Hub     Mumini Ishola Hanafi     Henry Olaosebikan     Ajia-Bako     AbdulHakeem Ajibola Akanbi     Vasolar Consultoria     Razaq Atunwa     Harafat E. Mukadam     Salary     Samuel Olusegun Adedayo     Umar Danladi Shero     Odo-Owa     Kwara Basketball Association     ITEM 7     Hijab     Baaziki Sulaiman     Raliat AbdulRazaq     Ibrahim Abduquadri Abikan     Oba Mogaji Abdulkadir     Ahmad Uthman     National Broadcasting Commission     Jare Olatundun     SWAN     Abubakar Usman Jos     Young Progressives Party     Abdullahi Dasilva Yussuf     Jimoh Saadudeen Muhammed     Isiaka Saka Opobiyi     Tsaragi    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ilorin South     Orire     Akorede     Yahaya Dumoye     Ojo Isekuse     Jamiu Oyawoye     Ahmad Uthman     Yahaya Jibril Usman     Razaq Atunwa     Nigeria Computer Society     Owo Arugbo     Obasanjo     Bankole Omishore     Oke-Ogun     Igbaja     Imodoye Writer’s Enclave     Peculiar Allowance     Rex Olawoye     Oya State     Towoju     Abdulkareem Alabi     Suleman Abubakar     Elerinjare-Ibobo     Bisi Oyeleke     Basic Education Certificate Examination     RTEAN     Shonga Farm Project     Kwara Restoration Project     General Tunde Idiagbon International Airport     Olokoba     ASKOMP     Yomi Adeboye     Vishvas KOZ Tractors     Ogidi-Oloje     Code Of Conduct Tribunal     Joseph Bamigboye     Park     Aso-ofi     Countryside Emerging Leaders Fellowship     Oke-Ero     Ayobami Seriki     UNIFEMGA     Dar-Al-Handasah Consultants Ltd     Moji Makanjuola     Abubakar Usman Jos     Ishola Balogun Fulani     NSCIA     Kumbi Titiloye     Sulyman Age AbdulKareem     Boko Haram     Bola Ahmed Tinubu     Abdulmajeed Wahab     Labaeka     Fulani     Marufat Oladosu     Hajj     Olabanji Orilonishe     Amusa Bello     Summit University     Alao Ayotunde     Bayo Mohammed Onimode     Omar Gambari     Garba Dogo     Christian Association Of Nigeria     Kayode Ibrahim     Quareeb Islamic Association     Abdulquowiyu Olododo     Ileloke     Oniyangi     Busari Alabi Alausa     Adaramaja     Emmanuel Bello     Ariyo     GGDSS Pakata     Nnazua     Congress For National Consensus     Olam Food Ingredients